.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his role by the end of December after 16 years leading the brokerage firm, the provider announced Tuesday.Bettinger will definitely be switched out on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will definitely remain as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday party next year as a cause to step aside as well as applauded the choice of Wurster." The Schwab Board's well thought-out as well as self-displined strategy to progression planning helps make this transition smooth. Rick Wurster and I have collaborated each day for more than 8 years. I possess comprehensive confidence in his leadership, as well as I am thrilled that the Schwab Board of Directors has selected him as my follower," the claim said.In a job interview on CNBC's "Squawk Package," Wurster suggested that there would certainly not be any urgent improvement in approach with the CEO handoff." I don't assume there will definitely be a change in the sense that our experts are actually going to proceed what our team've been actually performing, which is actually deliver for our clients as well as thrill all of them," Wurster said.Since Bettinger took over in 2008, the company's client properties have developed to $9.74 mountain from $1.14 mountain, as well as customer stock broker profiles have actually grown to much more than 43 million coming from fewer than 10 thousand. This growth schedules partially to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Package" that the assimilation of Ameritrade was finished previously this year and also was actually another reason that he assumed this was a happy times to tip apart from the CEO role.Schwab's supply has risen roughly 150% during the course of Bettinger's period, which started during the monetary dilemma, but it has actually underperformed the broader market over recent two years." I frequently claim that not many CEOs halve their business's inventory price in the initial 90 times, yet that was practically what I walked right into in the monetary situation," Bettinger stated on "Squawk Box." Portions of Schwab were down about 1% in early morning investing Tuesday.